A new fintech company which I was presented to earlier this year. Currensea Supplementary Card…
It has won a few awards over current months for what it does (providing you an inexpensive way to invest abroad) but what I like about is that it is basic as hell. This is a good thing.
is, efficiently, a direct debit travel card. It is a Mastercard which sits in between you and your existing bank account. There is nothing to top-up or prepay. You just invest as you would on a typical debit card and the cash is drawn from your bank account– just without the usual 3% cost.
Oh, and is totally free to apply for, which also assists.
There are likewise some intriguing travel benefits if you pick a paid plan, however the complimentary plan works fine. You can use here.
There is a company model in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing one thing well, and totally free or more affordable than the competitors
include more and more functions which your existing consumers don’t actually desire or need
include constraints, charges or costs to the function that made individuals get your item in the first place, removing any competitive advantage
is presently still in Stage 1 of this process and will hopefully remain there. Revolut, monzo and curve are already in Stage 3 …
is simple enough that it passes my ‘Can you explain it to your mate in the pub in 30 seconds?’ test:
What countries can I use Currensea? Currensea Supplementary Card
It is a totally free direct debit card to utilize abroad and which automatically charges all purchases to your existing bank account in Sterling, less a little 0.5% fee.
You don’t (yet …) earn any airline company miles or points for using it.
Why would I want to get a card?
If you have a credit card offering 0% foreign exchange costs, then you don’t require a card, unless you desire free ATM withdrawals. You can stop checking out now.
Credit cards which offer rewards and charge 0% FX costs are couple of and far between. The only ‘points and miles’ alternatives which provide a partial option are the Virgin Atlantic charge card which have 0% FX charges in the Euro zone.
IS possibly for you if:
you do not have a credit card offering 0% FX costs and do not wish to affect your credit report by getting another charge card specifically to utilize abroad
you desire a product which allows you to make , 500 of foreign currency ATM withdrawals per month without any fees and just a very little FX mark-up (there is a small fee beyond , 500).
you want a product for you, your adult kids, moms and dads, partner or anybody else in your life who needs a basic, easy to understand payment card that will save them money when taking a trip.
How does work in practice?
It is, as I said earlier, a very simple process. You utilize your Currensea card in the same way as your existing debit card.
You make your purchase in local currency (any currency, globally).
Your bank account bank instantly confirms that you have sufficient money in your account and authorises the deal.
The transaction goes through at either the interbank rate or the Mastercard rate, depending on the currency. If you have the complimentary card, includes a 0.5% cost. There are no charges if you have among their paid cards.
You get an automated spend notification via the app, if you choose to install it.
The money is taken from your bank account a few days later on.
Here is an example. With no foreign travel in the journal, I decided to splash out and buy 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which reveals , 4.33 scheduled to leave my HSBC account a few days later on:.
However converting pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daytime robbery that is practically to take place (often in a different language) while not telling you about the outrageous currency conversion costs taking place in the background. Don’t get me began. Anyway back to the positives for a bit anyway.
In current years a handful of great travel debit cards have actually popped onto the scene … and like other fantastic cards Currensea promises big cost savings (85%) and a terrific app.
I believe the best bit might be what no other card does: links to your existing high street bank account.
What this suggests is you can spend cash you have in your existing current account with less stress over lacking money and the extra action. But that does not indicate it is best.
In this Currensea evaluation is the good, the bad, the unsightly and the options, so that you can choose.
While our premium plans have no FX markup, we charge a nominal FX markup on our Necessary Strategy of 0.5% per deal, enabling us to make revenue from our Essential Strategy whilst remaining more affordable than other pre-paid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the complimentary amount on all our plans, full details can be found on our pricing strategies.
We charge a yearly subscription charge of , 25 for our Premium Plan, and , 120 for our Elite Plan. The membership fee likewise gets rid of all FX markup on transactions.
Every time you spend with your card we receive a little % of the deal, called interchange, this comes straight from the merchant and won’t be credited you. Currensea Supplementary Card